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JAMB Commerce 2006 Question 19

Question 19

Banking

Which of the following is a development bank in Nigeria?

  1. A.Union Bank Plc
  2. B.First Bank Plc
  3. C.First City Monument Bank
  4. D.Federal Mortgage Bank.
Show the answer and explanation

Answer: D (Federal Mortgage Bank.)

Explanation

The Federal Mortgage Bank gives long-term loans for housing development; the others are commercial banks.